CU Student Choice Launches New Professional Degree Financing Solutions as Grad PLUS Loans Phase Out

Scott Patterson

​CU Student Choice, the leading provider of education financing solutions for credit unions, today announced the launch of new line of credit programs designed for students seeking professional degrees in fields such as medicine, dentistry, and law. Langley Federal Credit Union and Elements Financial are the first two credit unions to introduce the new programs, with a dozen more credit unions expected to launch professional degree offerings within the next 45 days.
​
The announcement comes as new federal student loan rules that took effect July 1, 2026, eliminated the Graduate PLUS Loan program for new borrowers, significantly reducing federal financing options for students pursuing professional degrees. For students enrolled in multi-year programs with substantial education costs, the changes are likely to create greater demand for flexible private financing alternatives.

"The elimination of Graduate PLUS Loans has created an immediate need for new financing options for professional students," said Scott Patterson, President and CEO of CU Student Choice. "Our professional degree line of credit gives credit unions an opportunity to fill that gap with financing that's built for the realities of multi-year professional education."

Unlike many traditional private student loans that require borrowers to submit a new application each academic year, Student Choice's professional degree financing is structured as a reusable line of credit. Eligible borrowers apply once and draw only the funds they need over multiple academic years, subject to annual review and credit approval. This approach helps simplify the borrowing process while giving students greater flexibility as education costs fluctuate.

"Tuition is rising, funding is not”, said A. Jerome Fowlkes, Chief Impact Officer, Langley Federal Credit Union. “That gap hits graduate students hardest, the future doctors and lawyers our communities depend on. Langley designed lending programs built for the real cost of medical and law school, with one-time application and approval. Apply once. Focus on your degree, not your funding."

Langley Federal Credit Union will offer the new program to eligible students attending select Virginia medical and law schools, including programs at Eastern Virginia Medical School at Old Dominion University, the University of Virginia, and Virginia Commonwealth University.

Elements Financial launched a broad set of professional degree offerings that are now available to students attending eligible schools across the nation.

The new programs include features designed specifically for graduate and professional borrowers, including residency deferment and residency loans for eligible medical students. Combined with the reusable line of credit structure, the programs provide additional flexibility throughout school and into advanced clinical training.

"Professional degree financing is about much more than helping a student pay for school," said Jim Holt, Chief Development Officer of CU Student Choice. "It's an opportunity for credit unions to begin relationships with members who are entering careers with significant long-term financial needs. By supporting them early, credit unions can earn trust at a pivotal moment and continue serving those members as they finance vehicles, purchase homes, build wealth and plan for the future."

Student Choice's professional degree line of credit can be used to cover tuition, fees, books, housing and other qualified education expenses, depending on program terms. Programs offered through participating credit unions feature no origination fees, no prepayment penalties and repayment terms of up to 25 years, depending on the credit union and product.

---